Nigerian mobility company MAX has raised $24 million in new funding to expand its electric vehicle (EV) financing operations, marking a major step in its push to accelerate the adoption of clean mobility across Africa. The funding underscores growing investor confidence in EV-focused business models tailored to emerging markets, where access to financing remains one of the biggest barriers to adoption.
Founded in Nigeria, MAX began as a ride-hailing and logistics platform before evolving into a broader mobility and vehicle financing company. Today, it focuses on providing asset financing to commercial drivers, particularly for motorcycles and tricycles used in ride-hailing, delivery, and informal transport. With this latest raise, MAX plans to scale its electric vehicle financing offerings, making EVs more accessible to drivers who would otherwise be unable to afford the upfront costs.
Electric motorcycles and vehicles offer long-term cost savings through lower fuel and maintenance expenses, but high purchase prices have slowed adoption in markets like Nigeria. MAX addresses this challenge through flexible financing models that allow drivers to pay for vehicles over time using their daily earnings. By pairing financing with technology that tracks vehicle performance and repayments, the company reduces credit risk while giving drivers a clear path to ownership.
The new capital will enable MAX to expand its EV fleet, invest in battery-swapping and charging infrastructure, and strengthen its data and risk management systems. These investments are critical for supporting large-scale EV deployment in cities where unreliable power supply and limited charging stations remain key challenges.
Beyond environmental benefits, MAX’s EV financing strategy has important economic implications. By lowering operating costs, electric vehicles can increase drivers’ net incomes and improve financial stability. At the same time, structured financing and digital repayments help bring more drivers into the formal financial system, creating credit histories that unlock future opportunities.
MAX’s expansion comes as African governments and investors show growing interest in climate-friendly transport solutions. Urban air pollution, rising fuel costs, and youth unemployment have made electric mobility an increasingly attractive option. However, scaling EV adoption in Africa requires models that go beyond importing vehicles to addressing financing, infrastructure, and local operating conditions.
By focusing on electric vehicle financing rather than ownership alone, MAX is positioning itself at the center of Africa’s clean mobility transition. The $24 million raise signals that investors believe this integrated approach can deliver both financial returns and long-term environmental impact.
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